Exposes cryptocurrency exchanges as a breeding ground for money laundering, with $28 billion in illicit funds flowing into them over two years. These funds originated from North Korean hackers, Southeast Asian fraud groups, and global Pig Butchering scams.
By 2025, approximately $28 billion in illicit funds are expected to flow into major exchanges such as Binance, OKX, and Bybit. Binance, after pleading guilty and paying a $4.3 billion fine, is reported to continue accepting transfers from high-risk entities such as Huione.
The report also notes that a $2 billion cooperation agreement with Binance and the pardoning of its founder, Changpeng Zhao, have raised concerns about lax enforcement. These developments have raised questions about regulatory oversight in the crypto exchange sector.
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